September trade surplus was second highest ever
Published 17/11/2011 | 05:00
IRELAND's trade surplus rose in September to the second-highest level since records began, the Central Statistics Office (CSO) said yesterday.
The seasonally-adjusted surplus widened by €400m to €4.11bn in September as exports increased by 2.5pc and imports fell by 5.2pc, the CSO added.
"This was the second-largest surplus on record and just €70m or so below the record balance posted in June. Given the slowdown in the world economy the data is yet another endorsement of Ireland's strong and robust export model," Bloxham Stockbroker economist Alan McQuaid said.
The Government has pinned its hopes on an export-led recovery but many economists caution that the probable recession in Europe will hamper growth.
"Amid the moderation in external demand, some loss of momentum in Irish merchandise export activity is expected in 2011 and 2012," Mr McQuaid said. "Nevertheless, we believe that, as was the case during the 2009 collapse in global trade flows, the sectoral composition of external demand will shift in favour of goods which Ireland specialises in, especially the likes of pharmaceuticals."
The figures were welcomed by Trade Minister Richard Bruton, who said: "It goes without saying that given the global challenges, we must redouble our efforts if we are to sustain and improve this performance."